Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 24E
If the net income for the current year had been $196,400 in Exercise 3-23, what would have been the correct net income if the proper
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Before recording the adjusting entries, revenues exceed expenses by RM35,000. The adjusting entries are accrued salaries of RM1,000 and depreciation of motor vehicles of RM2,500. How much is the net income for the year?
Prepare an Income Statement for the year ended 20X2 from the adjusted trial balance provided.
A commission income account in the trial balance at the end of the year showed a balance of 12,000. 1/5 of the amount is already earned.
What is the year end adjusting entry?
Chapter 3 Solutions
Financial Accounting
Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (a) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - Prob. 7DQCh. 3 - Does every adjusting entry affect net income for a...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Indicate with a Yes or No whether or not each of...Ch. 3 - Indicate with a Yes or No whether or not each of...Ch. 3 - Classify the following items as (1) prepaid...Ch. 3 - Classify the following items as (1) prepaid...Ch. 3 - At the end of the current year, 17,555 of fees...Ch. 3 - At the end of the current year, 23,570 of fees...Ch. 3 - Prospect Realty Co. pays weekly salaries of 27,600...Ch. 3 - We-Sell Realty Co. pays weekly salaries of 11,800...Ch. 3 - On June 1, 2019, Herbal Co. received 18,900 for...Ch. 3 - The balance in the unearned fees account, before...Ch. 3 - The prepaid insurance account had a beginning...Ch. 3 - The supplies account had a beginning balance of...Ch. 3 - The estimated amount of depreciation on equipment...Ch. 3 - Prob. 7PEBCh. 3 - For the year ending April 30, Urology Medical...Ch. 3 - For the year ending August 31, Mammalia Medical...Ch. 3 - For each of the following errors, considered...Ch. 3 - For each of the following errors, considered...Ch. 3 - Prob. 10PEACh. 3 - Prob. 10PEBCh. 3 - Classify the following items as (a) accrued...Ch. 3 - The following accounts were taken from the...Ch. 3 - At the end of the current year, 59,500 of fees...Ch. 3 - The adjusting entry for accrued fees was omitted...Ch. 3 - Garcia Realty Co. pays weekly salaries of 17,250...Ch. 3 - Prob. 6ECh. 3 - Accrued salaries owed to employees for October 30...Ch. 3 - Prob. 8ECh. 3 - The balance in the unearned fees account, before...Ch. 3 - At the end of January, the first month of the...Ch. 3 - The balance in the supplies account, before...Ch. 3 - The supplies and supplies expense accounts at...Ch. 3 - At August 31, the end of the first month of...Ch. 3 - The balance in the prepaid insurance account,...Ch. 3 - The prepaid insurance account had a balance of...Ch. 3 - The balance in the unearned fees account, before...Ch. 3 - Prob. 17ECh. 3 - The estimated amount of depreciation on equipment...Ch. 3 - The balance in the equipment account is 3,150,000,...Ch. 3 - In a recent balance sheet, Microsoft Corporation...Ch. 3 - For a recent period, the balance sheet for Costco...Ch. 3 - For a recent year, the balance sheet for The...Ch. 3 - The accountant for Healthy Life Company, a medical...Ch. 3 - If the net income for the current year had been...Ch. 3 - On December 31, a business estimates depreciation...Ch. 3 - The unadjusted and adjusted trial balances for...Ch. 3 - The accountant for Evas Laundry prepared the...Ch. 3 - Prob. 28ECh. 3 - Prob. 29ECh. 3 - Prob. 30ECh. 3 - On December 31, the following data were...Ch. 3 - Selected account balances before adjustment for...Ch. 3 - Milbank Repairs Service, an electronics repair...Ch. 3 - Good Note Company specializes in the repair of...Ch. 3 - Pitman Company is a small editorial services...Ch. 3 - At the end of April, the first month of...Ch. 3 - On May 31, the following data were accumulated to...Ch. 3 - Selected account balances before adjustment for...Ch. 3 - Crazy Mountain Outfitters Co., an outfitter store...Ch. 3 - The Signage Company specializes in the maintenance...Ch. 3 - Reece Financial Services Co., which specializes in...Ch. 3 - At the end of August, the first month of...Ch. 3 - The unadjusted trial balance that you prepared for...Ch. 3 - Chris P. Bacon is the chief accountant for CV...Ch. 3 - Daryl Kirby opened Squid Realty Co. on January 1,...Ch. 3 - Prob. 4CPCh. 3 - Several years ago, your brother opened Magna...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The unadjusted net income on the income statement was $46,850. After journalizing and posting the adjusting entry for the $2,300 of supplies used during the year, the adjusted net income is ?arrow_forwardIt is added to income received to determine the total income for the year that is recorded under the accrual basis of accounting: a. deferred income - ending b. prepaid expense - beginning c. accrued income - beginning d. deferred income - beginningarrow_forwardAt the beginning of the year, a company had an unearned service revenue balance of SAR 12,000. What would the adjusted amount be if the unearned service revenue balance was SAR 2,000 at the end of the year?arrow_forward
- The following accounts were used to make year-end adjustments. Identify the related account that is associated with this account (the other account in the adjusting entry). A. Salaries Payable B. Depreciation Expense C. Supplies D. Unearned Rentarrow_forwardEffects of errors on financial statements If the net income for the current year had been $2224600 in Exercise 3-18, what would have been the correct net income if the proper adjustments had been made?arrow_forwardA portion of Anderson Publishings work sheet for the year ended December 31 follows: Required 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments. If using Working Papers, start on page 120 in the general journal. 2. Determine the net income for the year. 3. What is the amount of ending capital?arrow_forward
- On which of the following would the year-end Retained Earnings balance be stated correctly? A. Unadjusted Trial Balance B. Adjusted Trial Balance C. Post-Closing Trial Balance D. The Worksheetarrow_forwardAt financial year end, Mathew had accrued expenses totaling $22,300 and prepaid income totaling $91,000. How should these adjustments be reported on Mathew's Statement of Financial Position? • A. As current liability of $113,300 B. As current asset of $113,300 C. As a current asset of $22,300 and a current liability of $91,000 O D. As a current asset of $91,000 and current liability of $22.300arrow_forwardRequired Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year-end financial statements. Identify the direction of change (increase or decrease) and the amount of the change. If there is no change, leave the cell blank. Organize your answers according to the following table. The first event is recorded as an example. If an event does not have a related adjusting entry, record only the effects of the event. (Not all cells will require entry. Do not round intermediate calculations.) Paid $2,200 cash on October 1 to purchase a one-year insurance policy. Purchased $1,300 of supplies on account. Paid $700 cash on accounts payable. The ending balance in the Supplies account, after adjustment, was $350. Provided services for $7,600 cash. Collected $10,500 in advance for services to be performed in the future. The contract called for…arrow_forward
- which of the following would least likely require an adjusting entry at the end of the year? - prepaid advertising - land - unearned revenuearrow_forwardThe books of Hope Enterprises showed the following adjusting entries at the end of the period: Depreciation Expense 5,000 Accumulated depreciation 5,000 Bad debt expense 1,000 Allowance for bad debts 1,000 Unearned rent income 3,000 Rent income 3,000 Utilities expense 4,000 Accrued utilities expense 4,000 How much is the total amount for reversal at the start of the next fiscal year relating to these adjusting entries? (The reversing entry/ies serve/s as the solution for this problem)arrow_forwardThe following information is available for the required adjusting entries: 3. Half of the unearned revenue has now been earned.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY